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When Variable Rate Mortgages are as Popular as Kale in Salad
My variable rate mortgage has increased so high I am having difficulties managing the payment.Are you here… meaning, are you dealing with a variable rate mortgage where your payment has skyrocketed? If you have a $400,000 variable rate mortgage, a year ago the rate would have been about 1.45%. The monthly payment is around $1,987. This for…
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Things to Avoid after a Bank gives you a Mortgage Commitment
I had the opportunity to chat with a realtor friend over the holiday. She mentioned a Buyer she was working with and how their situation changed course after they were pre-approved by a lender. They were pre-approved and had a guaranteed low mortgage rate commitment however as they were looking for homes with their broker, on a…
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Buy High, Sell Low – Is that the Saying?
I noticed a property come on the market over the weekend and looked into its sales history. The home is currently listed for $899,900 and the current owners purchased the property in May/21 for $918,000. Taking costs to sell into consideration the Seller will walk away with a loss somewhere in the range of $50,000.…
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Considering Selling your Property?
Here is a New Year Resolutions breakdown list that might help with a sold sign. The new year rolls around every year about this time and as the champagne is sipped and the words flow it is common for people to announce new year resolutions. Some choose to lose weight, others quit smoking, change their food choices, get fit and…
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Real Estate Myth Busters
On a regular basis, I see things being shared online, in newsprint and in conversation that frankly, are just hogwash. Let’s take some time and play around with commonly shared thoughts and myth-busters. Prices in Durham Region are continuing to drop. Fact or fiction? Fiction. The average detached home in Oshawa is selling for $880,000.…
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More Homes Faster
More Homes Built Faster Act. The provincial government has passed some legislation that will allow three-unit homes to be built in any residential zoning. I am certain that there will be quite a bit of drama with neighbors objecting to the changes. These changes revolve around altering by-laws to allow more units on a property. Let’s look at…
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Why didn’t my house sell? Thinking about what gets houses off the market
No question that the market today is not what it was in 2021. Not only that, it is not like it was in January of last year .. or in fact, July. We had a robust market where sold signs were popping up everywhere, and then, someone tuned the switch off. Showings are down, homes…
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What can we expect for the Durham Real Estate Housing Market in 2023
Scrolling through predictions about the coming year the “experts” seem to be contradicting themselves. ” Toronto’s housing prices will likely climb even more in 2023.” “Steep price declines will restore sanity to Canada’s housing market in 2023.” Or still, “Canada Housing and Mortgage Corporation believes the national average home price in Canada will decrease by 14.3%.”…
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Durham Region: Good Landlords. Good Tenants.
Good Durham Region Landlords. Good Durham Region Tenants. What makes a good landlord? Looking back over my life I have been both a tenant and a landlord, and funny enough I have been both at the same time. I purchased a condo from the father of a gal I dated through high school and made a few “newbie”…
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Immigration, Inflation and Real Estate Cycles
Looking back to the late 1980s and some of the leaders in Real Estate I admired, one man constantly comes up. Guy Leblanc. Picture a chubby, bald, middle-aged man who wore a white suit and drove a white Cadillac. You get the picture. However, he was very wise. What I learned from him can be illustrated…
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